The old school has consistently been wrong. Another example: in 2011, David Kramer, who has a lot of great analysis on other topics wrote:
What was Bitcoin’s prior material use/value? Zero. It is just bits in a computer.
Calling Bitcoin “just Bits” is analogous to calling the Cathedral of Notre Dame “just rocks.”
Economist Tyler Cowen of the Marginal Revolution, who has a lot of good essays on various topics, used Bitcoin’s clonability to write this idiotic prediction of how subsequently cheaper clones would inevitably drive the price down to nothing. It’s not worth reading. It’s only worth observing that the old school has consistently been wrong about crypto currencies.
If you want specifics, Cowen, seemed to assume that one coin can be a drop-in replacement for another paying no attention to importance of the communities, teams, and nuances of each. This is so far off the mark. It’s like arguing that restaurants will all go out of business because subsequently less expensive restaurants are able to open next door.